Marks Tey hotel marks final sale of BDL Select Portfolio disposal
The Best Western Marks Tey hotel in Colchester has been sold off a guide price of £5.75m as part of the BDL Select Portfolio disposal.
A member of sales and marketing consortium Best Western, the 110-bedroom hotel been sold to real estate firm Mosum, the company's first hotel investment.
The sale marks the final disposal of the BDL Select Hotels portfolio of properties it owned under Paten Hotels, which it bought in 2008 for around £45m. The three-strong portfolio was brought to market in October last year with a combined guide price of around £17m.
Also included in the portfolio was the 95-bedroom DoubleTree by Hilton Dundee, which was sold to Singapore-based 7 Hospitality off a guide price of £5.5m last month, and the 73-bedroom Best Western Grosvenor hotel in Stratford-upon-Avon, Warwickshire, bought by Bright Hotels last month.
Commercial property and investment management company JLL advised on the sale.
Michael Easton, associate director of JLL's hotels and hospitality group, said: "Having generated good levels of interest we are delighted to have completed the transaction with Mosum and wish them well with their first hotel acquisition."
Shepherd and Wedderburn acted as legal advisers on the sale of all three assets.
DoubleTree by Hilton Dundee sold to 7 Hospitality for £5.5m >>
Paten Hotels' portfolio of three hotels to be sold >>
BDL Select Hotels buys Paten Hotels for £45m >>
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